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Pockets of growth: Where the fine wine market is starting to turn

Opus One winery
  • Market confidence is returning, with fine wine prices posting their first quarterly gain since the downturn began.
  • Selective regions are leading the rebound, with Champagne, Tuscany, and California showing the strongest signs of growth.
  • Stabilisation signals a turning point, as price declines slow and demand strengthens.

After two years of subdued performance, the fine wine market may finally be entering a new phase. Signs of stabilisation are emerging across key benchmarks, and selective pockets of growth suggest that investor confidence is beginning to return. While the broader market remains uneven, improving bid activity, regional resilience, and a shift in sentiment all point to a turning point — one that could lay the foundation for the next cycle of fine wine appreciation.

Confidence returns: Benchmark momentum

One of the clearest signals of renewed optimism comes from the bid:offer ratio — a measure of market confidence based on the proportion of active bids to offers on the secondary market. This ratio has been steadily rising, reflecting stronger buying interest and a more balanced trading environment. The shift is also visible in performance indices: the Liv-ex 100, which tracks the world’s most sought-after investment-grade wines, rose by 1.1% in September, offsetting earlier summer losses and delivering its first quarterly gain since the downturn began.

This rebound was mirrored across broader indicators. The Liv-ex 1000, which captures a wider cross-section of the market, slipped 0.5% over the quarter but also gained 0.4% in September — a sign that the market’s base may be firming. Even the First Growths Index, a bellwether for Bordeaux’s top estates, recorded a 0.7% gain in September. Though it remained slightly down for the quarter, the performance underscores a market that is recalibrating.

Where growth is emerging: key regional categories

The nascent recovery is not evenly distributed. Instead, certain regions and categories are emerging as clear leaders — offering clues about where value-seeking investors are positioning their capital.

Champagne: Resilience meets renewed demand

Champagne has once again proved its resilience. The region held near-flat over Q3 and remains one of the strongest performers of 2025, buoyed by rising demand from Asia and the US. This sustained appetite reflects Champagne’s unique position in the market: a luxury category with strong brand recognition, limited supply, and consistent global demand. For investors seeking stability and long-term performance, Champagne continues to justify its reputation as a defensive yet rewarding allocation.

Italy: Tuscany outpaces Piedmont

Italian fine wine remains a story of two regions. Tuscany has seen the most notable improvement, with the Italy 100 index climbing as buyers return to iconic Super Tuscans and Brunello producers. Piedmont, by contrast, still faces a softer bid environment, suggesting that investors are prioritising wines with immediate liquidity and strong global followings. The divergence illustrates a broader theme in today’s market: capital is flowing toward estates with established demand and clear brand equity.

California: Opus One leads a rebound

California has also been a bright spot. Opus One — one of the region’s most recognisable labels — has seen its strongest bid activity since January 2024. Over recent weeks, Liv-ex reported a surge in demand, with the US accounting for 40% of bid volume, closely followed by Asia at 39%. The UK and EU trail at 14% and 7% respectively, but this transatlantic interest highlights growing enthusiasm for top-tier Californian wines. As collectors seek quality and scarcity beyond Europe, California’s flagship estates are once again capturing attention.

Sector performance: Signs of a bottom forming

While some areas continue to lag, the broader data suggests that the worst of the correction may be behind us. Regional indices delivered a mixed performance in Q3, but declines moderated significantly, and September brought widespread gains.

Bordeaux remains the weakest performer in aggregate — the Bordeaux 500 fell 1.7% — but even here, signs of improvement are visible. Half of the region’s sub-indices gained in September, including those tracking First Growths, Second Wines, and leading Right Bank labels. Burgundy, too, was only marginally lower (-0.2%), with top domaines maintaining impressive resilience despite broader headwinds.

Regional fine wine performance 2025

Together, these indicators suggest a market that may be finding its floor. Price declines have slowed, buyers are becoming more active, and selective demand is driving performance in certain regions and producers. This kind of stabilisation typically precedes a period of gradual re-pricing — and potentially, recovery.

The next phase: Selectivity, scarcity, and strategy

The third quarter of 2025 was a transitional one for fine wine. With mainstream assets recovering and investor sentiment stabilising, the asset class is beginning to reassert itself as a reliable store of value and a portfolio diversifier. The coming quarters are likely to be defined by three key drivers:

  • Scarcity: Limited-production wines from renowned estates continue to attract demand, particularly as global supply chains tighten and yields remain historically low.
  • Selectivity: Investors are becoming more discerning, focusing on regions and producers with strong fundamentals rather than chasing broader market exposure.
  • Reputation: Brand equity and consistent critical acclaim remain decisive factors, with top names enjoying disproportionate interest as confidence returns.

While the pace of recovery will vary by region and price tier, the data points to a market that is stabilising and, in some segments, already turning higher. For investors with a medium- to long-term horizon, the current environment offers attractive entry points into historically strong-performing categories.

Looking for more? Read our latest quarterly report: Q3 Fine Wine Report

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Top-performing fine wines of 2025 so far

Domaine Vieux Telegraphe
  • Several fine wine regions made gains over the last month, including Burgundy, California, and the Rhône.
  • ‘Off’ vintage Bordeaux wines have delivered the best returns so far in 2025. 
  • The spread between the top-performing fine wines (+18% on average) and the Liv-ex 1000’s broad decline (around -4.7%) highlights why selection is key.

The fine wine market remains subdued in 2025, continuing the recalibration that began in late 2022. Yet even in a broadly negative environment, certain wines have surged ahead (see H1 winners), delivering double-digit gains and reaffirming that in fine wine investment, selectivity defines success.

Signs of stability emerge across key fine wine regions

After more than two years of correction, there are tentative signs of stabilisation. Several regional indices posted positive month-on-month (MoM) movements in September, hinting that momentum could be shifting beneath the surface.

The Liv-ex Burgundy 150, California 50, Rhône 100 and Rest of the World 60 indices each rose 0.6–0.7% month-on-month. These modest upticks may not yet signal a broad recovery, but they do suggest that the worst of the selling pressure may be easing.

Still, the year-to-date picture remains negative across the board:

Wine region performance

Even as indices remain in the red, the range of outcomes within them has widened, revealing a growing divergence between outperformers and laggards. A select few wines have posted strong gains – a reminder that even in downturns, opportunities persist.

The top-performing wines so far this year

Best performing wines 2025 table

‘Off’ vintage Bordeaux leads the way

Despite the Bordeaux 500 Index falling 7.2% year-to-date, four of the ten best-performing wines come from the region, proving that careful vintage and producer selection remain key.

Château Les Carmes Haut-Brion 2013 stands out as the year’s star, up 38.2%. The 2013 vintage, long dismissed due to challenging weather conditions, has found new appreciation as enthusiasts and investors rediscover its finesse.

Over the past decade, prices for the brand have risen 148%. The 2014 and 2017 vintages are other attractive ‘off’ vintage alternatives. 

Les Carmes Haut-Brion fine wine performance

Château Beychevelle 2013 follows a similar line. Once overlooked, its reputation in Asian markets and steady critic support have lifted prices 22.2% year-to-date. Likewise, Château Canon 2014 and Château Smith Haut Lafitte 2014 each gained over 13%, highlighting a broader off-vintage resurgence in the region.

These gains suggest that Bordeaux’s correction phase may be creating attractive entry points for investors willing to look beyond the obvious trophy years.

The Rhône: The value region continues to deliver

The Rhône 100 remains the best-performing regional index of 2025, down just 2.7% year-to-date, with a recent 0.6% month-on-month gain adding to its reputation as a steady performer.

The standout is Vieux Télégraphe La Crau Rouge, appearing twice in the top five for its 2020 (26.1%) and 2021 (18.3%) vintages. The wine’s longevity, critical consistency, and relative affordability have made it a favourite among both collectors and long-term investors.

Vieux Telegraph wine performance vs Liv-Ex

Meanwhile, Paul Jaboulet Aîné’s Hermitage La Chapelle 2014 climbed 15.3%, underscoring the growing investor appetite for Rhône’s great single-vineyard wines. With smaller yields and limited back-vintage supply, demand has begun to outpace availability – a sign that the Rhône’s ‘quiet outperformance’ may continue into 2026.

Burgundy and Sauternes: Scarcity reigns supreme

Though the Burgundy 150 Index remains 5.8% down so far this year, its top producers continue to enjoy demand driven by scarcity.

Domaine de la Romanée-Conti (DRC) Grands Échezeaux Grand Cru 2021 rose 13.3%, proving once again that rarity trumps sentiment. Over the last decade, prices for the wine have risen on average 300%. 

Sauternes has also enjoyed a quiet renaissance so far this year, with Château Suduiraut 2016 making it into the top ten, with a 13% rise in value.  With prices still well below their historical highs, the sweet wines segment could offer contrarian upside heading into 2026.

California: Cult wines stay strong

Although the California 50 index is down 5.6% year-to-date, the 0.7% rise last month hints at price recovery. This year, despite softer global sentiment, high-end Napa continues to attract attention domestically and abroad (from Asia in particular). 

The region’s top label, Screaming Eagle Cabernet Sauvignon 2012, has advanced 12.4% year-to-date.  

As previously noted, Screaming Eagle remains the top traded US wine by value. With six perfect 100-point scores in just 13 vintages, it sits in a league of its own among American wines. Prices for the brand have risen more than 200% in the last 20 years, making it one of the most lucrative long-term holds in the fine wine market.

Divergence defines 2025

The spread between the top-performing wines (+18% on average) and the Liv-ex 1000’s broad decline (around -4.7%) reveals just how uneven performance has become.

Wines that combine scarcity, maturity, and reputation have emerged as the safest harbours, while those driven by hype or youth have seen steeper declines. Investors who focused on undervalued vintages (2013, 2014), critically reliable producers and globally recognised names (DRC, Screaming Eagle) have fared significantly better than the market at large.

Looking ahead: A market finding its floor

With multiple indices turning slightly positive month-on-month, the fine wine market may be approaching an inflexion point. The next phase of the cycle could favour those already positioned in high-quality, limited-production wines that have held steady during the downturn.

As 2025 enters its final stretch, it has become even clearer that scarcity, selectivity, and substance continue to outperform broader market sentiment.

For more on the fine wine market, read our Q3 2025 Fine Wine Report. 

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Q1 2025 Fine Wine Report

It has been a volatile start to the year, with President Donald Trump’s return to the White House unsettling global markets. The fine wine market continued its measured slowdown, yet optimism persists: wealth managers increasingly view fine wine as a strategic diversifier, with demand expected to rise in 2025. Q1 saw a cautiously successful Burgundy 2023 En Primeur campaign and a mixed round of spring La Place releases – headlined by the highly anticipated, 6×100-point Latour 2016.

This report explores the key trends that shaped Q1, from geopolitical tensions and shifting market sentiment to the top-performing wines and regional highlights.

Executive summary

  • Mainstream markets faltered:
    At the time of writing, the S&P 500 has fallen 7.2% year-to-date, Nikkei 225 dropped 20.5%, and crude oil is down 13.2%.
  • Fine wine prices dipped:
    The Liv-ex 100 declined 2.0% in Q1 2025. The broader Liv-ex 1000 index is down 2.1%.
  • Regional performance:
    Bordeaux and Burgundy were the weakest regions in Q1, each falling 2.9%. Italy continued to show resilience, down just 0.4%.
  • Top performer:
    The best performing wine was Vieux Telegraphe La Crau Rouge 2021, which surged 22.7%.
  • La Place spring campaign:
    Expanded further with new entrants. The Latour 2016, backed by six 100-point scores, stood out as one of the most successful and talked-about releases.
  • Looking ahead:
    The Bordeaux 2024 En Primeur campaign, the key fine wine event of Q2, faces heightened price pressure and buyer caution amid broader economic headwinds.

The trends that shaped the fine wine market

Escalating trade war tensions

One of the most disruptive forces in Q1 2025 has been the re-escalation of global trade tensions, largely stemming from President Donald Trump’s newly announced tariffs. The dramatic return to tariffs has created significant headwinds for global markets, and fine wine has not been immune.

Tariffs fluctuated rapidly. In early April, Trump declared 54% tariffs on Chinese goods imported into the US, a figure he raised to 125% just days later. In the same breath, he confirmed 20% tariffs on European goods, before abruptly announcing a 90-day pause on April 9th, during which tariffs for all non-Chinese countries were lowered to 10%. While this provided short-term relief to EU producers, the volatility has caused widespread uncertainty. 

One thing seems clear: the coming months will be pivotal, with trade developments likely to dictate sentiment and demand in key markets.

Markets under stress

In Q1 2025, mainstream financial markets experienced significant volatility, largely driven by the abrupt changes outlined above. The S&P 500 entered correction territory, declining over 10% from its February 19th high, before partially recovering in late March. The energy sector mirrored this instability. Oil prices plunged to a four-year low amid recession fears and heightened tariffs, only to rebound following announcements of tariff pauses. The rapid succession of policy shifts has led to a climate of uncertainty, making it difficult for investors to anticipate market movements.

Fine wine in Q1 2025

The fine wine market similarly felt the pressure. Prices fell 2% on average over the last three months. The broader Liv-ex 1000 index declined 2.1%, highlighting continued softness across the board. Regionally, Bordeaux and Burgundy were the weakest performers, each down 2.9%. Italy once again stood out for its resilience, declining 0.4%, thanks to consistent demand for top names and relatively stable pricing. The top performing wines in Q1 included Bruno Giacosa Barolo Falletto Vigna Le Rocche Riserva 2014 (72.1%), Château Léoville Barton 2021 (30.9%), and Château Rieussec 2019 (22.8%).

Pressure on En Primeur

The ongoing trade war comes at a particularly sensitive time for the Bordeaux 2024 En Primeur campaign, which is about to launch. The system has been under increasing scrutiny in recent years, with release prices often failing to offer meaningful value versus back vintages. The threat of added import costs, even if delayed, puts further pressure on producers and négociants to rethink pricing strategies. With confidence in En Primeur already eroding, this year’s campaign faces a delicate balancing act: justify pricing amid broader market weakness, or risk alienating already-cautious buyers.

Regional fine wine performance in Q1

Since the start of the year, fine wine prices across major regions have fallen 2.1% on average. While some regions experienced temporary increases – the Rhône bounced back by 1.1% in March – the majority were in consistent decline. Burgundy and Bordeaux – the two dominant market forces – fell the most, down 2.9% in Q1. 

Despite falling prices, Liv-ex noted that trade activity is rising – total trade volume and value were up on Q1 2024.

The best-performing wines

Q1’s top performers comprised a varied group from across Bordeaux, Piedmont, the Rhône, and Burgundy. The best performing wine was Vieux Telegraphe La Crau Rouge 2021, which surged 22.7%. Pichon Baron 2013 followed with a 22.6% rise. 

Two vintages of Guigal La Landonne also appeared in the rankings, the 2012 (11.1%) and 2014 (10.6%). 

From Barolo, the 2001 Bruno Giacosa Serralunga d’Alba made the top ten with a 21.2% rise in value over the past three months.

The spring La Place campaign

March saw just over 50 wine releases via La Place de Bordeaux, including new Burgundies, grower Champagne and big names like Promontory 2020, Ao Yun 2021 and Latour 2016. 

The latter was particularly notable as the first prime release to hit the market since the château abandoned the En Primeur system. The wine boasts a number of 100-points from major critics including Neal Martin, Antonio Galloni, Lisa Perotti-Brown MW, Jane Anson, Jeff Leve, and Tim Atkin.

The comparisons being made – to 1961, 1982, and 2010 – suggest the wine is already being framed within the estate’s historic lineage. What’s more, while the price reflects its stature, its positioning below recent back vintages like 2009 and 2010 suggests value for money.

In a campaign that highlighted the growing breadth of La Place, Latour served as a reminder of Bordeaux’s enduring ability to dominate the conversation, when it chooses to.

Fine wine enjoys resilient fundamentals and growing confidence

Beneath the surface of a softening market, confidence in fine wine as a long-term investment continues to strengthen. Our recent Wealth Reports released in Q1 revealed a clear trend in investor attitudes: 96% of UK wealth managers expect demand for fine wine to increase in 2025, underscoring its growing role in diversified portfolios.

This optimism is rooted in fine wine’s defining characteristics – low correlation to mainstream markets, long-term price appreciation, and intrinsic scarcity. While short-term volatility and trade disruptions have created a subdued environment, many see this as an attractive entry point. With prices off their peak, the market now offers a rare opportunity to access top names at more favourable levels.

Fine wine is increasingly viewed as a maturing asset class – one that rewards patience rather than speculation. As macroeconomic uncertainty continues to rattle equities and bonds, fine wine’s stability and resilience are drawing renewed attention from high-net-worth individuals and wealth advisors.

Q2 2025 market outlook

All eyes now turn to the Bordeaux 2024 En Primeur campaign – the most significant event in the fine wine calendar and a litmus test for buyer confidence in a fragile market. After a lacklustre few years, the system finds itself at a crossroads. Pressure is mounting for producers and négociants to reset expectations, as past campaigns have struggled to offer compelling value compared to back vintages already available on the secondary market. Adding to the challenge is the uncertain tariff environment. 

At the same time, there is cautious optimism. While prices across Bordeaux have softened, trade volume has increased – a signal that buyers are still engaged, albeit more selective. If producers respond with competitive pricing and clear value propositions, 2024 could mark a turning point for the campaign.

Beyond Bordeaux, Q2 is expected to bring continued price sensitivity, but also renewed interest from investors who see current levels as a buying opportunity. The long-term fundamentals remain intact: scarcity, brand equity, and an increasing role for fine wine in diversified portfolios. In short, while the market remains in a momentary phase of recalibration, Q2 may offer the first signs of recovery if the right tone is struck.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Report – Opportunities in uncertainty: the 2024 fine wine market and 2025 outlook

Executive summary

  • Q4 was marked by political developments, changing economic policies, and geopolitical events, including the re-election of President Trump.
  • The strengthened US dollar boosted fine wine demand across the pond.
  • Fine wine prices fell 11% across major regions in 2024, reflecting a continued market correction. 
  • Italy was the most resilient fine wine region, while Burgundy experienced the biggest adjustment.
  • Rhône wines dominated the list of the best performing wines in 2024, with Domaine Pegau Cuvée Réservée Rouge 2013 leading (80.5%).
  • Older vintages (2010-2014) performed well, reflecting the market’s preference for mature, proven wines, while new releases struggled when not priced correctly.
  • Optimism for market recovery is focused on premium regions like Piedmont, Champagne, and Burgundy.
  • Economic uncertainties and mixed performance in Bordeaux are expected to persist, but continued interest in fine wine signals resilience and potential for long-term growth.

Q4 in context: political and economic drivers

Q4 was shaped by significant political and economic developments, most notably the re-election of President Donald Trump in November. Global markets reacted swiftly, with US equities rising on expectations of business-friendly policies and potential fiscal stimulus, particularly benefiting manufacturing and technology.

At the same time, renewed concerns over tariffs created uncertainty for multinational companies. Rising US Treasury yields attracted capital inflows, strengthening the US dollar but also raising fears around higher borrowing costs and a potential drag on global growth. Emerging market currencies came under pressure amid concerns about capital outflows and trade restrictions.

Geopolitical risks eased slightly toward the end of November following a US–France-brokered ceasefire between Israel and Hezbollah. While the agreement reduced immediate tensions after more than a year of hostilities, markets remained cautious, aware that stability in the region remained fragile.

Markets in 2024: the year that was

Risk assets performed strongly in 2024. Bitcoin captured headlines by surpassing $100,000 for the first time, peaking at $104,000 on Coinbase. The rally was driven by optimism surrounding a more favourable regulatory environment under President-elect Trump, reinforced by pro-crypto policy signals and key appointments.

Equity markets also enjoyed a robust year. A resilient US economy, easing inflationary pressures, and a pause in aggressive interest rate hikes supported investor confidence. Strong corporate earnings — particularly in technology and AI — propelled the S&P 500 to another stellar performance.

Energy markets were more volatile. Concerns over slowing global growth, driven by weak demand from China and other developed economies, weighed on crude oil prices. While OPEC production cuts provided some support, they were insufficient to fully offset declining demand.

Gold once again reaffirmed its role as a safe-haven asset. Persistent geopolitical tensions, inflation concerns, and financial market volatility supported demand, underpinning gold’s strong performance throughout the year.

Market performance in 2024

*Current values: 06/12/2024

The fine wine market in 2024

The fine wine market extended its downward trajectory in 2024, following declines seen in 2023. The Liv-ex 100 fell 9.2% year-to-date, while the Liv-ex 50, which tracks First Growth Bordeaux, declined 10.9%.

However, these headline declines masked important regional differences and emerging opportunities. Italy stood out as a pillar of resilience, while previously overheated regions — most notably Burgundy — underwent a necessary recalibration.

Crucially, falling prices were not driven by declining demand. Market activity remained strong, with the number of fine wine trades in 2024 exceeding 2023 levels by 7.9%, highlighting continued liquidity and engagement among buyers.

Regional fine wine performance

Regional fine wine indices performance in 2024

The fine wine market displayed mixed regional performance as the year drew to a close.

Italy was the most resilient major region, with prices falling just 6%, compared to an 11.1% decline in the Liv-ex 1000 index. High-scoring releases supported secondary market demand, while the country’s breadth was reflected in strong performers such as Antinori Brunello di Montalcino Vigna Ferrovia Riserva (+38%). Italy’s growing influence was further underlined by its 22 entries in the 2024 Power 100 — nine more than last year — narrowing the gap with Burgundy and Bordeaux.

Burgundy experienced the most significant adjustment, with prices declining 14.4% year-to-date. After years of exceptional growth, the correction reflects a market recalibration rather than a loss of relevance. Importantly, the pullback has reopened opportunities to acquire rare and prestigious labels at more accessible price levels, reinforcing Burgundy’s long-term appeal as a cornerstone investment region.

Champagne faced a challenging year, with prices down 9.8%, though signs of stabilisation emerged toward year-end. Older vintages led the recovery, with wines such as Taittinger Brut Millésimé (+29%) highlighting enduring demand for high-quality, mature Champagne.

Bordeaux, the largest and most liquid fine wine region, declined 11.3%. While liquidity remains a key strength, it no longer guarantees downside protection. Recent vintages struggled in particular, with many trading below release prices, reinforcing the market’s growing selectivity.

California wines fell 8.6%, but momentum improved in November. Rising interest in producers such as Dominus, Joseph Phelps, and Promontory continued to strengthen California’s position within the fine wine investment landscape.

Spain benefitted from strong US demand, with Vega Sicilia Único ranked as the most powerful fine wine brand of 2024. The inclusion of Dominio de Pingus and R. López de Heredia in the rankings further highlighted Spain’s growing investment credibility.

The best-performing wines in 2024

Top-performing wines of 2024

The Rhône dominated the list of top-performing wines in 2024, claiming four of the top ten positions. Domaine de Pegau Cuvée Réservée Rouge 2013 led the field with an exceptional 80.5% rise, supported by strong performances from Clos des Papes Châteauneuf-du-Pape Rouge 2014 (+61.2%) and Château de Beaucastel Rouge 2013 (+31.1%).

Beyond the Rhône, Spain’s Vega Sicilia Único 2010 (+24.9%) demonstrated the growing strength of Ribera del Duero as a serious player in the wine investment market. Vega Sicilia’s position as the most powerful wine brand in the 2024 Power 100 reinforced this trend.

Bordeaux and Sauternes also featured among the top performers. Château Rieussec secured two spots with its 2015 (+10%) and 2014 (+7.2%) vintages, while Ducru-Beaucaillou 2013 (+19.2%) and Château L’Église-Clinet 2012 (+3.9%) showed that established Bordeaux names continue to attract interest where value is evident.

A clear theme emerged: older vintages outperformed. Wines from 2010 to 2014 dominated the rankings, with only two younger vintages — 2015 and 2019 — making an appearance, and no new releases. This reflects a strong market preference for mature wines with proven track records and immediate drinkability.

2024 takeaways

  • The market correction reopened access to rare and prestigious wines, creating compelling entry points for long-term investors.

  • Established, older vintages consistently outperformed newer releases, reinforcing the value of provenance and track record.

  • Bordeaux’s liquidity remains vital, but value is increasingly selective rather than region-wide.

  • 2024 proved a strategic buying year for investors willing to look beyond short-term volatility.

Bordeaux En Primeur continued to struggle, with the 2023 vintage failing to attract widespread interest — particularly where older, proven vintages offered superior value. Economic uncertainty further reinforced the appeal of classic wines.

Iconic Bordeaux vintages such as 2000, 2005 and 2009, alongside Italy’s Super Tuscans, stood out as stable portfolio anchors. Declining prices also brought previously inaccessible wines back into circulation, allowing for strategic acquisitions at attractive levels.

Beneath the surface of falling prices, 2024 emerged as a pivotal buying year, whether for investors entering the market or enhancing existing portfolios.

2025 market outlook

The outlook for the fine wine market in 2025 is cautiously positive, with optimism focused on premium regions including Piedmont, Champagne and Burgundy. Insights from the 2024 Golden Vines Report show that 64% of industry professionals expect market growth, particularly for high-end Italian wines such as Barolo and Barbaresco, which are increasingly viewed as alternatives to Burgundy.

Sustainability and terroir-driven wines are expected to play a growing role in investment decisions. Piedmont leads growth expectations (20%), followed by Champagne (17%), Burgundy (14%) and Tuscany (12%). Bordeaux faces more mixed prospects, with 27% of respondents anticipating further declines.

While economic and geopolitical uncertainties remain, sustained global interest in fine wine underscores its resilience as a long-term asset class. Celebrated for its diversification benefits, sustainability credentials, and ability to perform across market cycles, fine wine remains the most popular collectible with a unique position within alternative investments.

See also – WineCap Wealth Report 2024: UK Edition

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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Mouton Rothschild: 2022 label and market performance

Mouton Rothschild 2022 wine bottle label
  • The 2022 Mouton Rothschild label has been revealed. 
  • Mouton Rothschild is the best performing First Growth over the last decade. 
  • The wine has also outperformed the Liv-ex 100 and Bordeaux 500 indices.

Unveiling the 2022 label

Bordeaux First Growth Château Mouton Rothschild revealed its 2022 label design on December 1st.  Created by French artist Gérard Garouste, the original artwork commemorates the 100th anniversary of Baron Philippe de Rothschild’s leadership at the family estate. 

The label showcases the château’s iconic front wall and a grapevine, elegantly framed by a portrait of Philippe de Rothschild and a ram, his signature emblem.

The tradition of artist-designed labels began in 1945, when Baron Philippe de Rothschild marked the end of World War II with a special artwork featuring a ‘V’ for victory, designed by Philippe Jullian.

As previously explored, this practice has significantly enhanced Mouton Rothschild’s collectability, and the wine’s value has typically risen in the month following the label reveal. 

Mouton Rothschild 2022 wine bottle label

Mouton Rothschild: ahead of the pack

While the artist designed labels alone are not the key drivers of Mouton Rothschild’s investment performance, the wine does lead the way among its peers. It is the best performing First Growth over the last decade. 

Mouton Rothschild prices have risen 50.3%, compared to 42.3% for Margaux and 36.9% for Haut-Brion. Both Lafite Rothschild and Latour have increased by close to 30% over the same period.

Bordeaux First Growths Wine chart

From the market’s low in June 2014 to its peak in September 2022, Mouton Rothschild recorded a 76% increase. It was the first First Growth to recover from the correction following the China-driven wine boom. 

During the recent market downturn, Mouton Rothschild has exhibited relative resilience. Prices have fallen 13.8% since its peak. Only Haut-Brion has seen a smaller decline of 13.1%. The biggest faller has been Lafite Rothschild, down 22.8% since September 2022. 

Mouton Rothschild and the broader market

Mouton Rothschild is also nicely positioned in the broader wine investment market. It has outperformed the industry benchmark, the Liv-ex 100 index, which is up 40.9% over ten years. It has also fared better than the Liv-ex 50 (17.5%), which tracks the price movements of the First Growths, and the broader Bordeaux 500 index (27.8%).

Mouton Rothschild performance

Mouton Rothschild has demonstrated consistent strength in the fine wine market, supported by its established history and strategic positioning. The estate’s practice of commissioning artist-designed labels has enhanced its collectability, strengthened by its reputation for quality.

The release of the 2022 label marks another milestone in the estate’s history. Mouton Rothschild’s performance, both in terms of relative resilience during market downturns and long-term growth, highlights its role as a reliable component in a well-diversified wine investment portfolio.

WineCap’s independent market analysis showcases the value of portfolio diversification and the stability offered by investing in wine. Speak to one of our wine investment experts and start building your portfolio. Schedule your free consultation today.

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What is a market dip, and how can fine wine investors take advantage?

High end wine label bottles
  • A market dip is a temporary decline in prices, caused by economic or market-specific factors.
  • Buying the dip is advised when the underlying market fundamentals are favourable.
  • This is arguably the best time to invest in fine wine in a decade.

A market dip is a temporary drop in prices. This is often caused by economic or market-specific factors. In the fine wine market, these dips are less frequent and less volatile compared to traditional financial markets like stocks or bonds. While the fine wine market has been bearish three times since the turn of the century, global mainstream markets have experienced many more significant crashes. 

However, when a dip does occur, and provided that the fundamentals are strong, it can present a unique opportunity for buyers. Investors can enter the market, adjust their allocations or expand their portfolios with high-value brands and rare vintages at discounted prices. Sellers may look to liquidate their stock, offering rare and premium wines from regions like Bordeaux, Burgundy, and Champagne at more attractive prices.

Currently, the fine wine market is benefitting buyers. While the temporary drop in prices might raise concerns on the surface, those who adopt a long-term, strategic approach can reap significant rewards by buying the dip.

Buying the dip when the fundamentals are strong

According to Sir John Templeton, the best time to invest is during ‘points of maximum pessimism’. With fine wine indices down over 20% from their 2022 peaks, this moment presents one of the best opportunities to buy in the last decade.

Fine wine fundamentals remain intact: wines improve with age, and become rarer over time as bottles are consumed. The market’s appetite for older vintages is still strong, and regions like Burgundy, Bordeaux and Champagne continue to break pricing records at auction.

Fine wine indices performance 2024

Current macroeconomic environment and its impact

The global economy is currently facing several challenges – rising inflation, high interest rates, and geopolitical tensions, all of which have contributed to the recent dip in fine wine prices. 

Despite these macroeconomic factors, fine wine remains less volatile than traditional markets. During times of economic uncertainty, fine wine’s tangible nature and intrinsic value have helped it weather storms better than more speculative assets like equities or cryptocurrencies. 

Additionally, the growing demand for luxury goods continues to support the fine wine market. This demand will likely drive the next phase of growth once global economic conditions stabilise.

Historical fine wine market rebounds

Another reason for confidence is that the fine wine market has consistently rebounded after periods of economic downturn. During the 2008 global financial crisis, the Liv-ex 100 index fell by 25% but had risen over 60% by mid-2011. 

20 year performance of Liv-ex 100 and Liv-ex 1000

Similarly, Bordeaux’s peak in 2011 was followed by Burgundy’s rise, showing that demand for fine wine remains strong even if it shifts on a regional basis. This is why diversity is key. 

The market is no longer dominated solely by top Bordeaux, and spreading your allocations across key wines and vintages can balance an investment portfolio and maximise returns.

How to take advantage of the dip in the fine wine market

For investors looking to capitalise on the current market dip, the strategy is clear: buy low and hold for the long term. 

Focus on proven performers: Wines from top regions like Bordeaux, Burgundy, Italy and Champagne have historically demonstrated resilience. Investing in top vintages and estates offers a measure of security.

Take advantage of fear-driven selling: As some sellers look to exit the market prematurely, investors can acquire undervalued wines with strong growth potential.

Diversify your portfolio: Spread your investment across different regions, producers, and vintages to mitigate risk and maximise returns.

Get in touch to discuss your allocations or to start building your fine wine collection. Schedule a consultation.

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Report

Q3 2023 Fine Wine Report

Our Q3 2023 report has now been released. The report examines mainstream market performance, the best buying opportunities in fine wine, releases from La Place de Bordeaux and the latest industry news.

Report highlights:

  • Investors leaned towards liquid assets like cash amidst the struggle between the Federal Reserve and inflation, contributing to an environment steeped in risk and uncertainty.
  • Q3 witnessed a marked slowdown and potential bottoming out of fine wine prices, with the Liv-ex 100 index showing modest signs of recovery.
  • The fine wine market morphed into a buyer’s market due to stock availability and dipping prices, especially visible in regions like Champagne.
  • The La Place de Bordeaux campaign, amidst an eleven-month market decline and global economic uncertainties, mirrored the earlier En Primeur campaign in its inability to energise the market, with offerings often misaligned with trade expectations.
  • Wines like Almaviva 2021 and Masseto 2020 stood out, providing relative value for money and showcasing a strong price performance history.
  • Investors should be looking at ‘pockets of opportunity’ where there is brand strength, value and liquidity.
  • Demand is likely to pick up in Q4 with Christmas around the corner and exciting vintage releases on the horizon.

Click below to download your free copy of our quarterly investment report.